Why We Like It:
MPC is an oil refiner. The company recently issued an earnings warning that its Q2 results would be significantly less than Wall Street was expecting. Shares are now testing support in the $68.00 area and look poised to keep falling. The stock found support near $67.60 in early July. I am suggesting a trigger to buy puts at $67.45. If triggered our target is $61.00. More conservative traders may want to exit near $64.00 instead.

Trigger @ 67.45

- Suggested Positions -

buy the Aug $65 PUT (MPC1317T65) current ask $1.60

Annotated Chart:

Entry on July -- at $---.--
Average Daily Volume = 3.8 million
Listed on July 18, 2013